7-Unit Apartment
2210 Franklin Avenue E, Seattle, WA 98102
For Sale
New
$2,150,000
A varied bedroom mix includes private outdoor space, shared laundry, and a penthouse with an in-unit washer and dryer.
Property Size6,310 SF
Lot Size0.15 Acres
Days on Market5
Property Features for 2210 Franklin Avenue E
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Tenancy & Operations
Currently Operating
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
private deck or patio
common laundry room
in-unit washer/dryer
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart · License #WA 135356
(206) 812-9123
Source:
Marypong
Added: Nov 4
Changed: Nov 7
Last Checked: Nov 8 at 1:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Paragon Real Estate Advisors
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Investment Insights
Based on property information with market context.
Built in 1964, this wood-frame apartment property contains seven homes: three one-bedroom, one-bath units, three two-bedroom, one-bath units, and a three-bedroom, two-bath penthouse. Each apartment has a deck or patio. The penthouse is being delivered vacant and has its own washer and dryer; residents also have access to a common laundry room. Three upper-level homes, including the penthouse, have Lake Union views.
The building occupies a 6,600-square-foot parcel zoned LR3 (M). The zoning permits a 50-foot building height and a floor area ratio of 1.8, or 2.3 with 4 Star Built Green certification. The property is within an urban village, where the stated zoning allows unlimited density. Frequent transit service on Eastlake Avenue E means no parking is required under the described zoning conditions.
Ten open parking stalls are located behind the building, off the alley. Building features include copper plumbing, GE electrical panels, double-pane vinyl windows, and a TPO roof installed roughly twelve years ago.
The building occupies a 6,600-square-foot parcel zoned LR3 (M). The zoning permits a 50-foot building height and a floor area ratio of 1.8, or 2.3 with 4 Star Built Green certification. The property is within an urban village, where the stated zoning allows unlimited density. Frequent transit service on Eastlake Avenue E means no parking is required under the described zoning conditions.
Ten open parking stalls are located behind the building, off the alley. Building features include copper plumbing, GE electrical panels, double-pane vinyl windows, and a TPO roof installed roughly twelve years ago.
Key Highlights
- Seven apartments: 3 one‑bedroom/one‑bath, 3 two‑bedroom/one‑bath, and 1 three‑bedroom/two‑bath penthouse
- 6,600‑square‑foot lot zoned LR3 (M)
- Penthouse delivered vacant; includes in‑unit washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$106,499
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,129,980
$2.1M
Cap Rate 7%
$1,521,414
$1.5M
Cap Rate 9%
$1,183,322
$1.2M
Market Conditions
NOI Build-Up for 6,310 SF
Gross rent
$200.7K $31.80/SF
− Vacancy
−$7.0K −$1.11/SF
EGI
$193.6K $30.69/SF
− OpEx
−$87.1K −$13.81/SF
NOI
$106.5K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,129,980
Cap Rate 7%
$1,521,414
Cap Rate 9%
$1,183,322
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,499 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,887 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
7
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,548
Businesses Nearby
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Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Seattle, WA
Properties on Market for Apartment buildings in Seattle
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - A varied bedroom mix includes private outdoor space, shared laundry, and a penthouse with an in-unit washer and dryer.
Where is this apartment building located?
The property is located at 2210 Franklin Avenue E Seattle, WA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Seven apartments: 3 one‑bedroom/one‑bath, 3 two‑bedroom/one‑bath, and 1 three‑bedroom/two‑bath penthouse; 6,600‑square‑foot lot zoned LR3 (M); Penthouse delivered vacant; includes in‑unit washer and dryer
